Geosynthetics are synthetic products used in construction applications for soil reinforcement, separation, filtration, drainage, and containment. They offer benefits such as cost-effectiveness, longevity, and expedited construction process. Geosynthetics are increasingly being used in construction of roads, railways, airports, and landfill sites.
The global geosynthetics market is estimated to be valued at US$ 14.63 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Infrastructural development has been a major growth driver for the geosynthetics market. Developing nations are investing heavily in building transportation networks, power generation facilities, and other infrastructure to boost economic growth. Rapid urbanization has also heightened the demand for geosynthetics from industries such as waste management. The usage of geosynthetics helps meet the infrastructural demands of the growing population more efficiently. It allows faster construction while reducing costs. This key trend of heavy investments in infrastructural development is expected to accelerate the demand for geosynthetics over the forecast period.
Segment Analysis
The global geosynthetics market is dominated by geotextiles sub-segment which accounts for over 30% share. Geotextiles are used extensively in transportation industry for soil reinforcement, drainage functions, separation and filtration. They provide separation between subgrade soil and road base aggregates while allowing water to freely pass. This prevents mixing of subgrade soil with road aggregates and protects subgrade from erosion. Other major application of geotextiles includes embankments, retaining walls and landfills.
Key Takeaways
The Global Geosynthetics market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 14.63 Bn by 2023. The global geosynthetics market is estimated to be valued at US$ 14.63 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030.
Regional analysis
The Asia Pacific region currently dominates the global geosynthetics market and is expected to maintain its lead through 2030. Rapid infrastructural development projects in densely populated countries such as China and India is driving the demand. High economic growth rate coupled with urbanization is fueling construction of roads, railways, dams and landfills wherein geosynthetics have wide application.
Key players
Key players operating in the geosynthetics market are Nippon Paper Industries Co., Ltd, Mondi Plc, Metsa Board Oyj, WestRock, and Oji Holdings Corporation. Nippon Paper Industries Co. is a major producer of geotextiles with strong presence across Asia and Europe. Mondi Plc offers complete portfolio of geocomposites and geomembranes catering to diverse industries globally. Metsa Board Oyj has wide variety of geosynthetics for applications such as landfill construction, road construction, railway construction etc.
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https://www.newsstatix.com/geosynthetics-market-size-share-growth-outlook-2023/
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